Loss narrows for VirtualScopics in first quarter

VirtualScopics Inc. reported an improved bottom line in the first quarter.

The company posted a net loss available to common stockholders of $688,373, or 23 cents a share, in the first quarter compared with a loss of $1.2 million, or 39 cents a share, in the first quarter 2013. The company attributed the reduction to lower operating expenses.

The imaging company logged $2.3 million in revenues in the quarter, down 7 percent decline from $2.5 million a year ago. The dip reflected the reduced amount of projects awarded in 2012 and the timing of projects and studies ending in 2013 and early 2014, the company reported Thursday.

“We are very pleased with these year-over-year comparisons,” said Eric Converse, interim president and CEO, in a statement. “Most importantly, the company’s business activities in the first quarter of 2014 are indicative of the acute focus we have placed on strengthening our core business.”

As of March 31 the company had $6.8 million in cash, down from $7.3 million a year ago.

Awards outstanding and bookings signed during the first quarter more than tripled to $13.6 million, from $4 million in the first quarter 2013. The company was working with 99 projects in the first quarter, up from 88 projects a year ago.

“It’s important to remember that a project’s revenue cycle depends on a number of factors, including the time it takes for a drug trial to begin, which varies due to the time required to set up trial sites and to recruit participants,” Converse said.

Shares of VirtualScopics stock (Nasdaq: VSCP) were trading at $3.90 a share Thursday midday, up some 6 percent from Wednesday’s close of $3.67.